Profits surge at Dublin-based aircraft leasing firm

Operating profits at aircraft leasing firm, SMBC Aviation Capital Ltd last year increased by 13% to $409.6m from €361.58m.

This followed revenues at the firm last year rising $145m, or 23%, from $626.98m to $771.9m in the 12 months to the end of March 31.

The firm last year recorded pre-tax profits of $212.23m following a pre-tax loss of $120m in 2013 — a positive swing of $332m.

SMBC Aviation Capital achieved the profits after shelling out $194.2m in net interest payments and $3.15m in break losses.

Numbers employed at the firm last year increased by 40%, from 73 to 113, and staff at the firm were richly rewarded for their work.

The 113 staff last year shared a pay bonanza of $39.8m, or €352,575 each on average.

Eleven directors served on the board’s firm, including four Irish people, and the figures show that the key management personnel, including the directors and members of the executive committee, last year shared salaries and pension benefits totalling $11.3m.

The firm’s top executive directors are all Irish and are residents in Dublin.

They are listed as chief executive Peter Barrett; chief legal officer Catherine Ennis; chief financial officer Barry Flannery; and chief operating officer David Swan.

The Dublin-based SMBC Capital Aviation Ltd — formerly RBS Capital Aviation Ltd — was bought in 2012 by Japan’s second largest bank, Sumitomo Mitsui for over $7.3bn (€5.8bn) from RBS.

The firm which currently owns and manages 381 aircraft valued at over $15bn on lease to airline customers in more than 40 countries around the word and is one of the top five commercial lessors worldwide.